Luxembourg’s Financial Sector Faces Growing Cybersecurity Risks
The Surge in Cyber Attacks
A recent surge in cyber attacks has left Luxembourg’s financial sector on high alert. According to the Computer Incident Response Center (CIRCL), the number of reported cyber attacks in the Grand Duchy rose 18 times last year compared to 2011, with half attributed to financially motivated cyber criminals.
Human and Process Vulnerabilities
The risks are not limited to technology alone. Human and process vulnerabilities are also being exploited by attackers, making it essential for companies to take a proactive approach to cybersecurity.
The Importance of Cybersecurity in Corporate Strategy
As a result, companies must make cybersecurity an integral part of their corporate strategy and culture. This includes:
- Penetration testing
- Digital trust building
- IT forensics
- E-discovery and document review
- Incident response services
KPMG’s Information Protection Services
KPMG’s Information Protection professionals are available to assist companies in developing processes and implementing a full lifecycle approach to protect their valuable information assets. This includes:
- Assessment
- Architecture
- Implementation
- Monitoring services to ensure that information is safe and secure.
The Business Imperative of Cybersecurity
As the CEO Outlook Study highlighted, cybersecurity is no longer just a technical issue, but a business imperative. Companies must take proactive steps to protect themselves from the growing threat of cyber attacks, or risk facing financial losses and reputational damage.
Building Trust with Customers and Stakeholders
In an increasingly digital world, building trust with customers and stakeholders is crucial for long-term success. By making cybersecurity a priority, companies can:
- Reduce the likelihood and impact of incidents
- Capitalize on strategic opportunities
- Build lifelong relationships with their customers.
Taking Immediate Action
With the stakes so high, it is essential that Luxembourg’s financial sector takes immediate action to address these growing cybersecurity risks. By doing so, they will be better equipped to manage risk, protect themselves and their business, and deliver results that are not only effective and efficient but also secure.